It sure seems like it was a long time ago that I had anything to say on the subject of IFRS. Quite recently, a client approached me requesting assistance with the conversion of their US GAAP basis financials to IFRS to conform to their parent company’s presentation. And as I explained the key differences to them, I thought to myself, wouldn’t it be nice if I had a cheat sheet of considerations for making the switch to IFRS? To me, understanding the differences between the two standards and the advantages (or disadvantages) of one over the other can go a long way in deciding whether IFRS is the more logical choice and if so, how to plan the conversion. (more…)

Selling a business may be a natural progression for your company as discussed in Parts I and II of this series by Senior Tax Manager, Naila Sharifova. As Naila explained, there are tax considerations for your company and shareholders which impact the amount of income generated by the sale. But whether you are selling a startup with intellectual property or you are selling your company as part of your retirement plans, the acquirer will want to review your company’s financial statements to determine what they are willing to pay for your company. (more…)

Not so long ago, I wrote about the likely timeline for IFRS adoption in the U.S. and the option available to private companies to adopt IFRS “lite” or IFRS for SMEs, a simplified version for small and medium sized entities. And now, nearly 9 months later, there is still no change in the landscape. The much-awaited SEC report released in July 2012 remained silent on…

The Securities Exchange Commission (SEC) has announced that 2015 is the earliest possible date for the required use of IFRS by U.S. public companies and at this point, early adoption is not permissible. So as it stands now, IFRS is allowed for foreign issuers in the US; private companies can follow IFRS for small and medium sized entities (IFRS for SMEs), a less complicated version of IFRS and the target date for incorporating IFRS for U.S. issuers is still a big question…

The convergence of the US accounting standards and the international accounting standards continues to impact us. The change to accounting for leases is part of that convergence process. The basic “highlight” of the proposed standard for lessees is the recording a right to use asset and a liability representing the obligation to make lease payments during the lease term. On the surface, it seems straightforward, but that is just the beginning…

This website uses cookies to provide necessary site functionality and improve your online experience. By using this website, you agree to the use of cookies as outlined in Abbott, Stringham & Lynch's Privacy Policy.Ok